Saturday, August 15, 2015

Trican (TSX:TCW) is satisfied to report that it has gone into a complete concurrence with RN Resources LLC (the "Buyer"), an auxiliary of Rosneft Oil Organization ("Rosneft"), for the offer of Trican's Russian weight pumping business to the Buyer. The exchange includes the offer of all shares of Trican Well Administration LLC, a roundabout completely possessed auxiliary of Trican that holds the Russian weight pumping business. The concurred price tag for the aura is US $140 million, or CDN $181.6 million at the August 13, 2015 swapping scale of .7708, with standard working capital and net obligation changes in accordance with be resolved. Trican expects to apply the net continues from this exchange to diminish its exceptional obligation.

As declared on May 12, 2015, Trican has been in transactions for the offer of its Russia and Kazakhstan weight pumping organizations since getting a spontaneous offer prior in the year. Trican and the Buyer have now gone into authoritative understandings for the offer of the Russian business and the buyer has acquired endorsement of the Russia Government Antimonopoly Administration for the exchange. Shutting of the exchange is booked for August 20, 2015 and is liable to specific conditions point of reference and the planning and conveyance of standard shutting documentation.

According to the terms concurred, Trican will give certain transitional administrations taking after shutting of the exchange on terms that are standard for exchanges of this nature. Trican will keep on offerring its Consummation Arrangements items and administrations in Russia taking after the end of the exchange, in that capacity business will be held by Trican.

Trican and Rosneft are likewise keeping on arranging for the offer of Trican's Kazakhstan weight pumping business. On the off chance that the gatherings achieve concession to the terms of the offer of the Kazakhstan business, Trican expects that such deal would shut in the final quarter of 2015. There is no ensure that the gatherings will have the capacity to concede to terms with respect to the offer of the Kazakhstan business or complete the exchange on the terms concurred. Further, such exchange would be liable to approbation by the Kazakhstan Antimonopoly Body, and last corporate regards by Trican and the Buyer.

The offer of the Russia weight pumping business and potential offer of the Kazakhstan weight pumping business further Trican's present procedure to concentrate on enhancing the gainfulness of our North American business amid the present business downturn and reinforcing the North American locales on a go ahead premise. Trican has as of late ended its operations in Australia and suspended its operations in Colombia and Saudi Arabia. Taking after the end of the Russia and, if assention is come to, Kazakhstan, exchanges, as right now pondered, Trican will keep on working in Canada, the United States and Norway.

Morgan Stanley Canada Constrained went about as money related consultants to Trican in this exchange.